Size matters. Ask any member of a joint family and chances are that they are staying on in their vast crumbling old house simply because flats today are too poky. Even the most united family is likely to see schisms when literally rubbing shoulders with the others on a daily basis. But there’s hope—if pockets are deep. Real estate developers are coming up with what are called “presidential apartments”, or apartments built in over 4,000 sq ft. Some of the uber-premium apartments actually go up to 12,000 sq ft. Never mind not having the space to swing a cat; with apartments this size, you can almost have your own private zoo indoors.
Duplex? No, triplexSome of the apartments are three-storeyed with total living space of over 11,000 sq ft having eight bedrooms, as many bathrooms, balconies, separate home office, family room, powder room, decks….the list is long. Here are the key unique offerings you can expect in these houses:
Terrace garden & deck A private garden; wooden or glass decks overlooking the golf course or greenery
Your mini theatre in the house equipped with the latest in home electronics; expansive seating and shelves French windows With so much of premium on the view (sea, golf course, greenery), these floor-to-ceiling windows let you sit back and enjoy. They also add to the sense of space and light
Your private pool on the terrace fitted with the latest filtering system
Consoles that let you control everything from lighting, television, music to even window blinds
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In cities that are starved of space, a 10,000 sq ft apartment is more than a mere status symbol—it declares loudly that you have arrived. And if you’re going to be able to afford to cough up the Rs 1 crore plus that even the smallest of these presidential apartments cost, you’re definitely headed for material success. Depending on the size and location, you can pay up to Rs 10 crore for an apartment. But for that kind of space—generally in prime residential localities—it really doesn’t seem like a lot.
Apart from massive floor space in prime locations, you also get every creature comfort that can be built in. Private lifts, landscaped gardens, a gym, swimming pool and state-of-the-art security are taken for granted. The apartments sport imported tiles or wooden flooring, acrylic emulsions on the walls, and ultra-modern modular kitchens. Bathrooms are more like health clubs with top-end sanitary fittings, sauna, steam, Jacuzzi and shower cubicles. These apartments come with at least four bedrooms (some go up to 12), are centrally air-conditioned, a three-tier security system, separate guest and service elevators. Some developers also give buyers an option of getting the space designed according to their requirements.
Take Unitech’s Grande project coming up in Noida in the National Capital Region. The project consists of 12 towers, each designed by a different international architect; all apartments have a view of an 18-hole golf course and 100 acres of landscaped greens. The common facilities are equally lavish with a sports complex, a habitat centre, lounge bars, theatres, bowling alley, library, schools and a 200-bed hospital.
The apartments themselves come with their own plunge pools and sky gardens. All this for a base price of Rs 6 crore. Similarly in Bengaluru, Total Environment has launched a project called ‘Windmills of your mind’ that has apartments of up to 7,000 sq ft. Its design and facilities rival the best in the world. In Mumbai, where even a three-bedroom apartment is considered luxury, Oberoi Constructions has already sold half of its 8,000 sq ft penthouses at its Skyz project in Worli. K Raheja Universal, which pioneered the trend of duplexes with its Buckley Court project in Mumbai, now has a duplex in most of its new luxury projects.
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Customize You can decide the design of your apartment. You have choice of layout, interiors, fixtures, landscaping and even the size and number of rooms— everything except the basic structure Split-level living Some of these apartments come as duplexes and triplexes. The lower level has the living space and utility rooms like kitchen and the upper level has the bedrooms Private lifts Staying on the 45th floor does not mean waiting for lifts—exclusive high speed lifts open into your house and link the floors of your duplex or triplex Home office A fully functional, wi-fi enabled office area with a separate entrance and seating area especially suited for working professionals like doctors and chartered accountants Multi-tier security From motion sensors and cameras outside the house to password protected locks, gas leak detectors, state of-the-art fire detection and sprinkler systems Central cleaning A central vacuum system with ducts across the house so you don’t have to roam around with a vacuum cleaner. All the dust is then collected into a central bin outside the house
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“People from large kothis are moving to apartments but rarely do they want to compromise on the space,” says Kunal Banerji, Vice-President, Marketing and Corporate Communications, Ansal API. Adds Anuj Puri of JLL Meghraj: ‘‘There are two areas of demand for high-end apartments. First, there are people who want to stay within the city, where Rs 1-2 crore for an apartment is normal. The second category is those who want to shift to the suburbs for more space and it is these people who are creating demand for bigger apartments.” The demand is highest in Delhi and Mumbai followed by Bengaluru and Kolkata.
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Private Comfort Versus Shared Luxury |
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Bungalow |
Apartments |
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Cost |
Land (Rs 5 cr) + Construction (Rs 1 cr) = Rs. 6 cr |
Apartment (Rs. 6 cr) + Facilities (Rs 5 Lakhs)= Rs. 6.05 cr |
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Garden |
Private |
Private terrace garden & common garden |
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Spacious & Split-Level Living |
Yes |
Yes |
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Uniform Neighborhood |
Less likely |
More likely |
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Scope For Future Modification |
Substantial |
Marginal |
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Security |
Private |
Private & Common |
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Common Facilities |
None |
Several (Pool, jogging track, golf course, club) |
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Comparison for a luxury apartment project and a bungalow in the same location |
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According to the Confederation of Real Estate Developers’ Association of India, the market for high-end properties is growing fast and will continue to grow at 7-10% at least over the next two years. The reasons for that healthy outlook, say experts, is the strong economy and big pay packets. These high-end projects have an active resale market too. Over the
past two years, most such properties saw a price appreciation of up to 100%. One reason is the profile of buyers. As NRIs look for ready-to-move-in options, investors get their exit options easily.
However, exclusivity is a double-edged sword if you are looking at your property just as an investment; in case of a slowdown or a market crash these are the first to take the hit. “But so much premium is built into these projects because of intangibles that prices will almost never go below the cost of acquisition,” says real estate expert Abdul Bari.
Article by Rakesh Rai
Source: Money Today 2008
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